Why You Should Have Life Insurance
You know that should anything happen to you the life insurance you have purchased is in place to protect and provide financial relief for those who must carry on without you.
Why you should have life insurance. The face amount or death benefit of an insurance policy i e the amount of proceeds paid to the beneficiary should be high enough to replace the after tax income you would have earned had you lived a full life presuming you can afford the annual premiums for that amount. If you are at the stage of life where you are young and with no dependents life insurance may not be as important for you but for the rest of you with spouses kids mortgages and other commitments here are 7 top reasons why life insurance is important for you to have. People who have life insurance through their work. Because you care about your family you want to ensure the financial security of family members if.
Life insurance is an expression of love and caring. Not everyone needs life insurance also known as life cover and death cover. To get life insurance you have to qualify by proving your identity financials and health there are other types of term insurance some have an increasing premium that eventually ends but the. But insurance payouts can actually provide a good supplement your savings.
Even if you have life insurance through work you should give serious consideration to getting a private policy on the outside. But if your children partner or other relatives depend on your income to cover the mortgage or other living expenses then the answer is yes you probably do want life insurance since it will help provide for your family in the event of your death. Yet many of them are unable to afford the higher. Life insurance is scary thing to think about but it is an essential part of financial planning.
Ideally most young families should have over 1 million in life insurance to provide for the children if either parent should die prematurely. If you have life insurance through your work you should still buy your own life insurance policy. Life insurance allows those you leave behind to take care of any lingering financial responsibilities. The reason you should never only rely on life insurance at work is that you could lose your job or decide to change jobs and once you do that you lose that life insurance policy.
If you own a home have debt have kids or own a business you should seriously consider life. This became most evident during a conversation of someone seeking life insurance through me. How much coverage should i buy.
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